Orbital soars on FY18 results

12/07/2018 - 13:04

Bookmark

Save articles for future reference.

Shares in local tech firm Orbital Corporation soared today after the company’s preliminary financial year results showed net profit of $1.8 million.

Orbital soars on FY18 results
Orbital provides flight critical components for tactical UAVs.

Shares in local tech firm Orbital Corporation soared today after the company’s preliminary financial year results showed net profit of $1.8 million.

The company said it had achieved revenue of $22 million for in 2018 to generate earnings before interest and tax of $2.3 million.

Shares in Orbital were 34.3 per cent higher at 47 cents each at 2pm AEDT.

The revenue result represents a 49.6 per cent increase on the previous year.

Orbital provides integrated propulsion systems and flight critical components for tactical unmanned aerial vehicles (UAVs).

Managing director Todd Alder said it was pleasing that Orbital had reached its production target.

“Core to Orbital’s new vision and UAV strategy is delivering on expectations. I sincerely thank and appreciate our talented and committed staff that have successfully delivered on this promise for 2017-2018,” he said.

Orbital’s full results are expected at the end of August.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options